Tribunal prohibits Corruseal, Neopak merger
The Competition Tribunal on February 22 issued an order prohibiting the proposed intermediate merger between paper and packaging company Corruseal Group and recycled containerboard and paper company Neopak Holdings.
The tribunal says its reasons for this decision will be issued in due course.
Corruseal and Neopak had approached the tribunal with a request for consideration, after the Competition Commission prohibited the proposed transaction on grounds that it would likely result in a substantial prevention or lessening of competition.
In their request for consideration to the Tribunal, Corruseal and Neopak sought to have the proposed merger unconditionally approved by the tribunal or, alternatively, approved subject to conditions.
The tribunal’s order follows a hearing held in November and December 2022 and February this year, during which several factual witnesses as well as economic experts testified before the tribunal.
The tribunal had also granted Mpact Operations and APL Cartons specific intervention rights after the firms brought applications to intervene in the matter.
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